{"id":349025,"date":"2018-02-20T03:48:01","date_gmt":"2018-02-20T02:48:01","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/prison-planet-com-heres-why-banks-hate-cryptocurrencies\/"},"modified":"2018-02-20T03:48:01","modified_gmt":"2018-02-20T02:48:01","slug":"prison-planet-com-heres-why-banks-hate-cryptocurrencies","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/prison-planet-com-heres-why-banks-hate-cryptocurrencies\/","title":{"rendered":"Prison Planet.com \u00bb Here\u2019s Why Banks Hate Cryptocurrencies"},"content":{"rendered":"
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Zero Hedge<\/strong><\/a>
February 19, 2018<\/p>\n

Banks like to pretend that they\u2019re so much more established and secure than the world of cryptocurrencies, but as anybody who pays close attention to the headlines would know\u2026that\u2019s just not the case\u2026<\/a><\/em><\/strong><\/p>\n

Setting aside all of their rhetoric about embracing the blockchain, banks have mostly avoided or opposed cryptos (Goldman Sachs, sensing the opportunity for profit, is one notable exception<\/a>), often citing their volatility and the ease with which they can be used to launder money as qualities that disqualify them from being taken seriously (though, as we recently witnessed with the US dollar,<\/a> perhaps banks need to rework this volatility argument a bit).\u00a0 Even yesterday\u2019s announcement of the first criminal charges against a cryptocurrency trader pales in comparison to the many, many crimes that banks (or even one bank) have settled allegations of. The real answer to why the banks\u2019 dislike cryptocurrencies is probably because they feel threatened.<\/strong> The recent selloff notwithstanding, the rise of cryptocurrencies has continued unabated, despite the efforts of some of the most powerful governments on Earth,<\/a> while the concept is still very young, it does have potential to shake up the aging fiat system. In order to understand the race between the banks and cryptocurrencies, we developed a visual to see just how \u201cDavid\u201d is comparing to \u201cGoliath.\u201d<\/p>\n

Using data from Yahoo Finance and CoinMarketCap.com, HowMuch.com<\/a>\u2018s data team developed a visual that compares the market caps between some of the world\u2019s largest banks and the largest cryptocurrencies.<\/strong> On the left blue column, there are four banks listed from largest to smallest market caps: JPMorgan Chase, Bank of China, Goldman Sachs,<\/strong> and Morgan Stanley.<\/strong> Conversely, the right red column features the total cryptocurrency market, Bitcoin, Ethereum, Litecoin, NEO, Ripple, Bitcoin Cash, Cardano, and…<\/strong><\/p>\n<\/div>\n

Read more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Zero HedgeFebruary 19, 2018 Banks like to pretend that they\u2019re so much more established and secure than the world of cryptocurrencies, but as anybody who pays close attention to the headlines would know\u2026that\u2019s just not the case\u2026 Setting aside all of their rhetoric about embracing the blockchain, banks have mostly avoided or opposed cryptos (Goldman […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[519],"tags":[],"class_list":{"0":"post-349025","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-newswire"},"_links":{"self":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/349025","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/comments?post=349025"}],"version-history":[{"count":0,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/posts\/349025\/revisions"}],"wp:attachment":[{"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/media?parent=349025"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/categories?post=349025"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/rinf.com\/alt-news\/wp-json\/wp\/v2\/tags?post=349025"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}